NBC Uni takes Q3 loss on Olympics
Will make profit once all is said and doneNEW YORK -- NBC Universal wrote a loss on the Beijing Olympics in the third quarter, but will make a profit on the event once all is said and done.
Executives of parent company General Electric said Friday in their quarterly earnings conference call that NBC Uni got more than $1 billion in revenue from the Olympics in the third quarter, but wrote a loss on the event.
They didn't disclose the size of the loss.
A spokesman told The Hollywood Reporter though that at the end of the year, the Olympics will make NBC Universal a small profit due to the way they are accounted for.
"There is additional revenue that will be realized in the fourth quarter," he said. "This has been standard for all Olympics NBC Universal has broadcast."
NBC Uni CEO Jeff Zucker has also talked about a slight profit for the Summer Games. According to Reuters, Zucker told an event in London late last month that "the Olympics were profitable, not wildly profitable, but we made money on the Olympics." He also added: "You measure success in other ways than just what it's done for the bottom line."
Ratings for the Summer Games exceeded expectations by 20%, according to GE CFO Keith Sherin who on Friday lauded the company's work and efforts around the event..
Also on the GE call, chairman and CEO Jeff Immelt reiterated his commitment to GE as an infrastructure, media and financial services company.
Later in the day, a GE spokesman also echoed that the Olympics usually don't make money for the broadcaster in the quarter, in which they take place. "You collect revenue before and after the Games, and when all is said and done, the Beijing Games will be profitable for NBC," he said.